Commentary WTI Crude Oil reversed its price direction to close in positive territory. That’s the good news. The bad news is that its trend remains bearish and it will need to close above it 50-day moving average to garner any respect from energy commodity bears.
Stocks were not the only beneficiary of today’s revised 2Q-2015 GDP report which indicated that the US economy grew at 3.7% rate. WTI Crude Oil prices responded positively to the news as well. This has led some commodity energy analysts to rethink their assessment for future oil prices. Other bullish developments to consider are: